The Noida Authority eyes on lifting Rs.3,750 crore in FY 2024-25 via e-auction

The Noida Authority aims to raise Rs.3,750 crore by selling 5.5 lakh square metres of land in the 2024-25 financial year. This land, which includes plots for industrial, commercial, residential, group housing, and institutional use, will be offered through various schemes and e-auctions to meet this goal.

 Lokesh M, chief executive officer of the Noida authority, said, "We are preparing the remaining land for e-auction through various schemes and will allocate these plots according to the established rules."

For the financial year 2024-25, the authority intends to allocate 3.25 lakh square metres for institutional purposes, 1 lakh square metres for industrial use, 67,500 square metres for residential plots, 35,000 square metres for commercial plots, and 13,800 square metres for group housing, according to officials.  

The authority anticipates generating Rs.2,000 crore from the sale of group housing and commercial land categories. Specifically, it aims to earn Rs.1,080 crore from group housing land sales and Rs.1,010 crore from commercial land sales. Revenue from industrial land sales is projected to be Rs.705 crore, from residential plots Rs.650 crore, and from institutional plots Rs.315 crore, according to officials familiar with the plan. Additionally, the authority expects to collect Rs.35 crore from the allotment of residential buildings in the city.

In the previous financial year, 2023-24, the authority fell short of its land allotment targets in several categories. For industrial plots, only 44,005.53 square metres were allotted against a target of 150,000 square metres. In the commercial category, 35,002.63 square metres were allocated out of a 300,000 square metre target. For group housing, 26,136.55 square metres were allotted compared to a target of 70,000 square metres. Residential plots saw only 8,061.92 square metres allotted against a target of 150,000 square metres. However, in the institutional category, the authority exceeded its target by allocating 51,297 square metres against a goal of 50,000 square metres.

Though few cons were there, the Noida Authority earned Rs.2,763 crore in 2023-24, missing its Rs.3,370 crore target. The updated target for 2024-25 is crucial, reflecting the authority’s focus on maximizing land allotments and revenue through strategic e-auctions.